The home securing a program loan shall be covered by hazard insurance, which meets the requirements of the rules and the Loan Origination Guide/Mortgage Brokers Loan Origination Guide. Such hazard insurance shall be in effect prior to purchase or funding of the program loan, and shall remain in effect for the term of the program loan. The ODVA shall be named as the mortgagee insured.

[Publications: Publications referenced are available from the agency.]

Statutory/Other Authority

ORS 406.030, 407.115, 407.177, 407.179 & 407.181

Statutes/Other Implemented

ORS 407.155, 407.165 & 407.169

History

DVA 4-2000, f. & cert. ef. 4-24-00
DVA 2-1992, f. & cert. ef. 1-2-92